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Swiss bank account

  • 13-12-2011 10:08am
    #1
    SteelyDanJalapeno
    Registered Users, Registered Users 2 Posts: 14,357 ✭✭✭✭


    I wouldn't overly savvy on whats currently going on with all the scaremongering, but I do have savings that i'd like to protect,

    Is there any downside to moving my savings to one of the more powerful euro zones i.e. Germany or Switzerland? as far as i can see, if i move my money now, if the euro gets devalued or scrapped or whatever well then it will happen regardless of what country my money is in, but if the euro is segregated into different values like IRL-euro being worth less than the euro from Switzerland.

    help???


Comments

  • #2
    ResearchWill
    Closed Accounts Posts: 4,111 ✭✭✭ResearchWill


    TiltedBrain wrote: »
    I wouldn't overly savvy on whats currently going on with all the scaremongering, but I do have savings that i'd like to protect,

    Is there any downside to moving my savings to one of the more powerful euro zones i.e. Germany or Switzerland? as far as i can see, if i move my money now, if the euro gets devalued or scrapped or whatever well then it will happen regardless of what country my money is in, but if the euro is segregated into different values like IRL-euro being worth less than the euro from Switzerland.

    help???

    Dont think Switzerland have the Euro, still believe its the Swiss Franc considered in History as a safe currency. You can of course in a Seiss bank have a Euro Account but that would have no extra safety because it's in Switzerland.


  • #3
    iminireland
    Registered Users Posts: 47 ✭iminireland


    ResearchWill wrote: »
    Dont think Switzerland have the Euro, still believe its the Swiss Franc considered in History as a safe currency. You can of course in a Seiss bank have a Euro Account but that would have no extra safety because it's in Switzerland.


    Swiss Franc was pegged to the Euro a number of months ago and it also devalued by over 10% to put people off investing in it.

    I cannot see there being an IRL Euro and German Euro etc if the Euro did go it is more likely that everyone Country in it will go back to their own currency (by the way I do not think the Euro will exited by any country involved in the next 3 years with the exception of Greece potentially). I see the Euro break up as very unlikely, the politicians will eventually be forced to take the proper action, in the meantime the media will scare the hell out of everyone till it is sorted.

    One option if you feel you have to do something is buy a different currency but this costs you a % of your money. Don't believe the no commission/fees nonsense the banks tell you, they always charge a margin on the exchange rate for buying and selling. The banks in Ireland typically charge a minimum margin of 2% for buying and selling a currency, so to get in and out of another currency will cost you 4% of your money and you also take on the risk of the currency you buy rising and falling.

    Be careful of the costs and make sure you forecast a potential upside and downside before you do it. Build these costs/potential into your decision and shop around for better exchange rates if your dealing with a lot of money.


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